Rental prices for apartments in Chișinău have increased by 25-30% in 2024 compared to 2022-2023. Current growth trends reflect a steady adjustment to the prevailing economic conditions. In this article, we will explore the factors influencing rental prices, the most expensive areas, and provide recommendations for tenants and potential property buyers.
1. Price Evolution and Key Factors
Over the past five years, rental prices for apartments in Chișinău have shown a steady increase, driven by several factors:
- Inflation: Rental prices have been adjusted to cover rising costs.
- Supply and demand: The demand for housing, including from refugees, has exceeded supply.
- Increase in property sale prices: In 2023, the average price per square meter was €1,070. By the first half of 2024, it had risen to €1,370, with further increases anticipated.
Apartments in new buildings with modern renovations are rented out at the highest prices. This trend reflects the return on investment in real estate, which is calculated as the ratio of profit to initial investment. Ideally, this should break even within 15 years based on current market conditions.
2. Average Rental Prices for Apartments
The average rental prices for apartments in Chișinău are as follows:
- 1-bedroom apartment: €400–450/month
- 2-bedroom apartment: €500–550/month
- 3-bedroom apartment: €600–650/month
The cheapest apartments are rented for as low as €200 per month, while the most expensive ones reach up to €3,000 per month, depending on location, size, property condition, amenities, and functionality.
3. Most Expensive Areas in Chișinău
The Central sector continues to lead as the most expensive area for rentals. Apartments located near parks, lakes, or on major streets in the Botanica, Rîșcani, Ciocana, and Buiucani sectors are also highly sought after, significantly increasing their market value.
4. Rental Demand and Future Trends
Although demand for rental apartments remains high, it no longer reaches the levels seen during the early months of the war in Ukraine. By 2024, the market is considered stable; however, prices continue to rise in proportion to the increasing values of residential properties.
Future trends:
- Continued increase in property sale prices.
- Growing demand driven by economic stabilization.
5. Recommendations for Tenants and Potential Buyers
For Tenants: If you have an established long-term relationship with a landlord and a fixed rental rate, it might be advantageous to maintain this agreement. The current market favors long-term contracts, which provide stability for both parties.
For those planning their future in Chișinău: a property through a mortgage is more beneficial than long-term renting. Lower mortgage interest rates and support programs such as "Prima Casă Plus" make investing in real estate the most advantageous long-term solution.
6. Minimum Rental Period and Additional Considerations
In Chișinău, long-term rental contracts are generally signed for a minimum period of one year. This provides a balance of stability and flexibility for both tenants and landlords.
Conclusion
The Chișinău rental market at the end of 2024 is in a state of balance, with moderate price growth and consistent demand. The choice between renting and buying depends on each individual’s long-term plans. For those intending to stay in Chișinău for an extended period, investing in a property remains the most cost-effective solution.
If you’re looking for a rental property or want to make a smart real estate investment, Acces Imobil offers expert consultation and the best options tailored to your needs.
Author: Victor Cernomorcenco, Real Estate Specialist at Acces Imobil.
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